Denver Mortgage Rates Survey – Week of July 16, 2012

According to a recent Primerates.com survey of Denver mortgage rates offered by the largest area banks & credit unions, six Denver institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Denver area for well-qualified borrowers. Compass Bank (www.bbvacompass.com) offered rates at 3.25%. KeyBank National Association (www.key.com) offered rates at 3.59%. Wells Fargo Bank (www.wellsfargo.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.63%. The UMB Bank Colorado (www.umb.com) offered rates at 3.69% while the U.S. Bank National (www.usbank.com) 3.88%.

While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.

Top Denver Area Banks and Credit Unions

As of

30 Yr-Rate

30 Yr-APR

15 Yr-Rate

15 Yr-APR

5/1 ARM-IR

5/1 ARM-APR

Wells Fargo Bank

07/15/2012

3.63%

3.80%

2.88%

3.18%

2.25%

3.15%

U.S. Bank National

07/15/2012

3.88%

3.94%

3.13%

3.23%

2.75%

3.54%

Bank of the West

07/15/2012

3.63%

3.67%

3.00%

3.09%

2.50%

3.12%

KeyBank National Association

07/15/2012

3.59%

3.65%

2.93%

3.03%

2.46%

3.11%

Compass Bank

07/15/2012

3.25%

3.40%

2.75%

2.99%

2.38%

3.16%

UMB Bank Colorado

07/15/2012

3.69%

3.81%

2.93%

3.14%

2.56%

3.21%

Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.

Denver Mortgage Rates Survey – Week of July 16,...

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